AS 11: Foreign Exchange Rates

AFM Definition, Scope & Accounting Standards including Ind AS Free JAIIB Capsule 28 views Updated
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AFM · Definition, Scope & Accounting Standards including Ind AS
Which Accounting Standard covers the effects of changes in foreign exchange rates and how are foreign currency transactions recorded initially?
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AS 11. Transactions are recorded in the reporting currency using the exchange rate at the date of the transaction.
It does not deal with restatement of an enterprise's financial statements from its reporting currency into another currency for user convenience.
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AS 11: Foreign Exchange Rates — Full Text

Which Accounting Standard covers the effects of changes in foreign exchange rates and how are foreign currency transactions recorded initially?

Answer

AS 11. Transactions are recorded in the reporting currency using the exchange rate at the date of the transaction.

Additional notes

It does not deal with restatement of an enterprise's financial statements from its reporting currency into another currency for user convenience.

Part of Accounting & Financial Management for Bankers · Definition, Scope & Accounting Standards including Ind AS · Last updated

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